Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 420.30

    If:

  (a)   an entity (the transferor ) ceases to * hold a * registered emissions unit; and

  (b)   the cessation is because of the transfer of the unit to:

  (i)   a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or

  (ii)   a foreign account (within the meaning of that Act);

    kept by another entity (the transferee ); and

  (c)   either:

  (i)   the transferor and the transferee did not deal with each other at * arm's length; or

  (ii)   the transferee is the transferor's * associate; and

  (d)   the transferee did not pay or give consideration equal to the * market value of the unit for the transfer of the unit;

the transferor is treated as if the transferor were entitled to receive an amount equal to that market value because the transferor ceased to be the holder of the unit.